Difference Among Lump Sum, Item Rate & Cost Plus Contracts
In the previous post, we covered the contract classification based on Nature of Transaction and Mode of Project Delivery. Accordingly, we discussed the difference among Supply, Service Contracts & Works Contracts and among EPC, EPCM and Multiple Packages Contracts In this post, we are going to discuss various kinds of contracts under the broad category called […]
Difference among EPCM, Multiple Packages and EPC Contracts
In the last post we covered Contract Classification based on the Nature of Transactions. We discussed that based on the kind of transaction, contracts are classified as Supply, Services and Works Contracts. Please click here to re-read last posts: https://rkstrainings.com/difference-among-supply-service-and-works-contract-2/ In the business world, every business entity is dependent on other firms for procurement of goods, services or […]
Difference among Supply, Services & Works Contracts (1)
Hi Friends, In the previous posts, we have covered Basic Concepts and Definition of a Contract. Now the next step in the journey is to discuss different kind of contracts and rationale behind their classification. Contracts could be classified into various types based on the followings categories; In this post, we will discuss various types of contracts based on: Nature […]
Sale of Goods Act – Law Governing Supply Contracts
In the last post we discussed Indian Contract Act, a statue applicable to the contractual relationships between the parties. Please click on the link below to read the post again https://rkstrainings.com/indian-contract-act-law-governing-contracts/ In this post we are going to discuss Sale of Goods Act, a specific law related to sale/purchase of good Sale of Goods Act […]
Significance of MOU and its most suitable use
Dear Readers, In the last post we discussed what MOU is and how it is different from a contract. Please click on the link below to read it again https://rkstrainings.com/2022/01/31/difference-between-mou-and-contract/ In this post, I wish to explain the significance of MOU and its most appropriate usage. Accordingly, we will realize its relevance for commercial and non-commercial agreements entered between […]
Difference between MOU and Contract
Dear Readers, MOU is a common term and we hear about it frequently in our work life. Business Entities and Central/State Governments regularly draft/sign MOU’s to records the mutual promises and understanding of the parties. Also, they keep on referring/interpreting existing MOU to know the respective duties of parties. So what is the relevance of […]
Difference b/w Contract Administration and Management
Dear Readers, In the last post we discussed Contract Life Cycle and its 4 stages. Please click on below link to read this post again https://rkstrainings.com/contract-life-cycle-and-its-various-stages/ In this post, we are going to discuss the meaning and definition of other key terms related to Contracts i.e. Contract Formation, Administration and Management. Contract life cycle explains the activities under Contract Formation and Administration. This post […]
Contract Life Cycle and its various stages
Dear Readers, In previous posts we discussed the meaning and definition of Contract, Agreement and Consideration. Subsequent posts briefly touched Contracts Laws and Principles. To read last posts again, please click on link below; https://rkstrainings.com/contract-principles-equity-justice-and-reasonableness/ In this post, let us discuss Contract Life Cycle and its 4 distinct stages as mentioned below A) Stage 1 of Contract Life Cycle – Identifying […]
Contract Principles – Equity, Justice and Reasonableness
Dear Readers In the earlier posts we covered two important acts related to Contracts and Procurements i.e. Indian Contract Act and Sale of Goods Act. To read this post again, please click the link below: https://rkstrainings.com/sale-of-goods-act-law-governing-supply-contracts/ In this post we are going to discuss Contract Principles. These principles not only are the basis of enacting such laws, but, courts also […]
8 Essential Elements of a Valid Contract (2)
Dear Readers, In the last post, we discussed the following four (4) key ingredients of a valid contract. Please click on the link below to read this post again; A) Offer and Acceptance B) Intention to Create Legal Relationships C) Lawful Consideration D) Lawful Object https://rkstrainings.com/8-essential-elements-of-a-valid-contracts-1/ In view of the above, let us now discuss […]